10-27-1999 Council Agenda - Laserfiche WebLink

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MAYOR Michael L Fahey COUNCIL Beverly Scalze Jim LaValle Steve Morelan Bob Pedersen 515 Little Canada Road, Little Canada, MN 55117 -1600 ADMINISTRATOR (651) 484 -2177 / FAX: (651) 484 -4538 Joel R. Hanson Email: cityhall @ci.little- canada.mn.us MEMORANDUM TO: Mayor Fahey & Members of the City Council FROM: Joel Hanson, City Administrator DATE: October 21, 1999 RE: Redevelopment Update Rice Street/Little Canada Road: I have been informed by a development group and representatives of a theater company that a lease for a theater is nearing execution and we should be in receipt of a development proposal for the Rice Street/Little Canada Road area within the next 30 days. Given our past experience with this type of scenario, I have made it clear to the developers and the theater group that the City would expect an executed lease and a development agreement to be presented prior to this project moving forward. Both parties have assured me this would occur within that time - frame. If the theater project does not move forward, I will begin an analysis of this area for a housing /retail development concept. My goal will be to determine if some type of mix of those uses is financially feasible. Good Year Project: Attached is a letter received from RJ Marco on October 20. You will note that they are indicating their continuation of the proposed Good Year project subject to revisions in the development agreement to allow them to recover soil correction work (see attached Good Year TIF analysis sheet). This deal is financially feasible. However, the following factors should be understood: ♦ TIF assumptions are subject to change due to class rate compressions and final value determinations by Ramsey County Assessor. ♦ RJ Marco would propose to pay the first $30,000 of soil corrections. Any amount less than the $125,000 indicated would reduce the $95,000 zero percent loan from Ramsey County. PAGE 231